Sumo Logic Target of Unusually Large Options Trading (NASDAQ:SUMO)

Sumo Logic, Inc. (NASDAQ:SUMOGet Rating) was the recipient of unusually large options trading activity on Tuesday. Stock investors purchased 2,593 call options on the stock. This represents an increase of 1,042% compared to the typical volume of 227 call options.

Wall Street Analyst Weigh In

Several brokerages have recently commented on SUMO. Morgan Stanley lowered their target price on shares of Sumo Logic from $11.00 to $10.00 and set an “equal weight” rating on the stock in a report on Monday, December 19th. Jefferies Financial Group boosted their price objective on shares of Sumo Logic from $8.50 to $11.00 and gave the company a “hold” rating in a research report on Tuesday. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $12.83.

Sumo Logic Stock Performance

Sumo Logic stock opened at $11.01 on Wednesday. Sumo Logic has a 52 week low of $6.43 and a 52 week high of $12.67. The stock has a market capitalization of $1.32 billion, a P/E ratio of -9.74 and a beta of 1.06. The stock has a fifty day moving average of $7.87 and a 200-day moving average of $7.79.

Sumo Logic (NASDAQ:SUMOGet Rating) last posted its quarterly earnings results on Monday, December 5th. The company reported ($0.19) EPS for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.15. Sumo Logic had a negative return on equity of 28.15% and a negative net margin of 45.31%. The company had revenue of $79.00 million during the quarter, compared to analysts’ expectations of $74.20 million. During the same quarter in the previous year, the firm earned ($0.24) EPS. Sumo Logic’s revenue was up 27.4% on a year-over-year basis. On average, research analysts forecast that Sumo Logic will post -0.96 earnings per share for the current year.

Insiders Place Their Bets

In other news, CAO Jennifer Mccord sold 4,989 shares of the firm’s stock in a transaction that occurred on Thursday, December 15th. The shares were sold at an average price of $8.30, for a total transaction of $41,408.70. Following the transaction, the chief accounting officer now directly owns 194,995 shares of the company’s stock, valued at $1,618,458.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Christian Beedgen sold 11,339 shares of the firm’s stock in a transaction that occurred on Thursday, December 15th. The shares were sold at an average price of $8.30, for a total transaction of $94,113.70. Following the transaction, the director now directly owns 2,235,184 shares of the company’s stock, valued at $18,552,027.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jennifer Mccord sold 4,989 shares of the firm’s stock in a transaction that occurred on Thursday, December 15th. The stock was sold at an average price of $8.30, for a total transaction of $41,408.70. Following the transaction, the chief accounting officer now directly owns 194,995 shares in the company, valued at $1,618,458.50. The disclosure for this sale can be found here. Insiders sold 213,402 shares of company stock worth $1,771,237 over the last three months. Insiders own 7.50% of the company’s stock.

Hedge Funds Weigh In On Sumo Logic

A number of institutional investors and hedge funds have recently bought and sold shares of SUMO. Quantbot Technologies LP acquired a new position in Sumo Logic in the 2nd quarter worth about $38,000. Metropolitan Life Insurance Co NY increased its holdings in Sumo Logic by 23.4% in the 3rd quarter. Metropolitan Life Insurance Co NY now owns 7,121 shares of the company’s stock worth $53,000 after purchasing an additional 1,350 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings in Sumo Logic by 282.1% in the 3rd quarter. Tower Research Capital LLC TRC now owns 8,525 shares of the company’s stock worth $64,000 after purchasing an additional 6,294 shares in the last quarter. Walleye Capital LLC acquired a new position in Sumo Logic in the 2nd quarter worth about $76,000. Finally, Pinnacle Wealth Planning Services Inc. acquired a new position in Sumo Logic in the 2nd quarter worth about $76,000. Institutional investors and hedge funds own 71.65% of the company’s stock.

Sumo Logic Company Profile

(Get Rating)

Sumo Logic, Inc provides cloud-native software-as-a-service platform that enables organizations to address the challenges and opportunities presented by digital transformation, modern applications, and cloud computing worldwide. It offers Continuous Intelligence Platform, a cloud-native, multi-tenant, and secure service that leverages to enable reliability and security of cloud applications and workloads.

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